Singapore Courts Uphold Arbitration Agreement In Favor Of America 2030
Singapore Courts Uphold Arbitration Agreement in Favor of America 2030 Capital Limited Against Tournan Trading Pte.
By: America 2030 Capital Limited
· There is a valid and binding arbitration agreement between America 2030 Capital Limited. and Tournan Trading PTE Ltd.
· The arbitration agreement between America 2030 Capital Limited. and Tournan Trading PTE Ltd. is not "null and void, inoperative or incapable of being performed."
· The disputes between America 2030 Capital Limited. and Tournan Trading PTE Ltd. are within the scope of the arbitration agreement.
On or about June 4, 2018 America 2030 Capital Limited entered into a Master Loan Agreement with Tournan Trading PTE Ltd. The Master Loan Agreement was properly executed by all parties mentioned above. Amongst various covenants, terms, provisions and obligations made by Tournan Trading PTE Ltd., a default and forfeiture of the Pledged Collateral was provided for, in the event Tournan Trading PTE Ltd. breached the Master Loan Agreement and defaulted. Up until the date of this Press Release, Tournan Trading PTE Ltd. has made no effort to cure defaulted provisions.
On or about November 9, 2018 Tournan Trading PTE Ltd. was notified via FedEx Global that it is not meeting the terms and conditions of the Master Loan Agreement and is in breach and Tournan Trading PTE Ltd. was sent a "Default and Acceleration Notice" and was given time to cure the default. All efforts made by America 2030 Capital Limited to cure the breach by Tournan Trading PTE Ltd. were ignored.
America 2030 Capital Limited. filed for Arbitration on or about December 17th, 2018 in accordance with the Master Loan Agreement and the Addendum executed between Tournan Trading PTE Ltd. and the America 2030 Capital Ltd., which stipulates that Clause 8.1 of the Master Loan Agreement in the event of dispute, parties are to bring an arbitration action in St. Kitts and Nevis, administered by Arbitrator Conflict Resolution Service of St. Kitts and Nevis under arbitration rules of The Arbitrator Conflict Resolution Service of St. Kitts and Nevis and all such decisions and awards will be final and binding upon the parties.
Tournan Trading PTE Ltd. had challenged the validity of the arbitration agreement in the Singapore court system and made numerous defamatory statements. Today, Singapore courts ruled that there is a valid and binding arbitration agreement between America 2030 Capital Limited. and Tournan Trading PTE Ltd. Therefore, the court ordered that the action in Singapore brought by Tournan Trading PTE Ltd. must be stayed pending to the resolution of the St. Kitts and Nevis arbitration action.
Further, the Singapore courts ordered Tournan Trading PTE Ltd. to pay legal and court costs in favor of America 2030 Capital Limited.
"We at America 2030 Capital Ltd. are glad, that after an exhausting hearing, that the Singapore courts upheld our position that the Arbitration Agreement is valid and that the courts are giving preference for the arbitration procedures to proceed. We strongly believe in using Arbitration as an alternative means of resolving disputes between parties, and look forward to finally working towards a resolution on the defaulted matters in the Master Loan Agreement by Tournan Trading PTE Ltd. The judge clearly showed today which side of the law this litigation is," states Val Sklarov, President of America 2030 Capital Ltd.
America 2030 Capital Limited. currently has pending action against Tournan Trading PTE Ltd. and plans on filling additional law-suits against Tournan Trading's directors, affiliates, officers and members for defamation. "Today's victory is the beginning of a winning streak that my client will enjoy in an effort to vindicate itself. We believe this is just the beginning of a series of wins in our clients favor. In our opinion, Tournan Trading PTE Ltd. and its directors, affiliates, and members have severely defamed and harmed America 2030 Capital Limited's reputation. We have recommended that America 2030 Capital Limited. pursue further legal action against Tournan Trading PTE Ltd. and its directors, affiliates, and members," states JT Singh, Esq.
About America 2030 Capital Limited.
America 2030 Capital through its subsidiaries was founded in 1984 on a principle of transacting in commercial real estate and business brokerage. We offer full business brokerage services, investments, capital sourcing, new debt, IPO, leveraged buy outs, M & A, privatization and asset sales.
We also structure complex investment partnerships and syndications by introducing investors to new or existing projects and developments. We offer complex consulting services in order to optimize your business and position it for sale.
For additional information, visit www.america2030.net.
All the information published on this press release, or in any article herein is true and accurate to the best of the authors' knowledge. Information on this press release should not be a substitute for legal advice. No liability is assumed by America 2030 Capital Limited., or individual America 2030 Capital Limited. member firms for losses suffered by any person or organization relying directly or indirectly on information published on this press release. Views expressed in any article are the views of the authors individually and do not necessarily reflect the view of America 2030
Page Updated Last on: Mar 28, 2019